Choose Your Finance Options

Vehicle Finance Today

Vehicle Finance Today is a credit broker, not a lender. Representative example: borrowing £7,500 over 48 months with a REPRESENTATIVE APR of 24.9%, an annual interest rate of 24.9% (Fixed) and a deposit of £0.00, the amount payable would be £238.10 per calendar month, with a total cost of credit of £3,928.80 and a total amount payable of £11,428.80. Rates may differ as they are dependent on individual circumstances. The exact rate you will be offered will be based on your circumstances, subject to status.

How Vehicle Financing Works With Vehicle Finance Today

How Does Vehicle Financing Work With Vehicle Finance Today?

Whether you need a vehicle to get to work, or it’s essential for taking the kids to school, vehicle finance can be a great way to spread the cost. Here at Vehicle Finance Today, we’re here to take the stress out of the process – buying a new vehicle should be an exciting experience!

So, how does it work? First, you’ll need to fill in our online application – this shouldn’t take more than a few minutes to complete. Your circumstances will be taken into account, and all credit ratings are considered. Next, we’ll search our panel of responsible vehicle finance providers, to find a solution that suits you.

Once approved, you can start searching for your dream vehicle. And when you have found your new vehicle, your lender will transfer the funds to the dealer, so you can drive away happy! You’ll then make monthly instalments to your finance provider, as outlined in your agreement.

So if you’re looking for some of the best vehicle finance deals in the UK, look no further! We work with a large number of vehicle finance companies, who can help when it comes to getting a vehicle on finance. And as our lenders include some of the biggest vehicle finance providers in the UK, they offer some of the best vehicle loan rates available!


Vehicle Finance


Vehicle Finance

There are two main types of finance available when you’re looking to purchase a vehicle – HP and PCP. You may also wish to consider taking out a personal loan, though as this is an unsecured loan, it can be more challenging to obtain. We’ve explored each of these options in more detail below:

What are the Types of Vehicle Finance?

Years ago, you may have been looking for ‘vehicle finance near me’ as it was a hassle to deal with dealerships located on the other side of the country! But now, many dealerships have the option of delivering your new vehicle to your home – sometimes free of charge! Your choices are much more broad these days, and with the help of Vehicle Finance Today, getting a vehicle on finance just got easier! We offer a variety of vehicle finance arrangements, including some of the most popular ones below:

Hire Purchase (HP) – With a hire purchase agreement, you’d usually make a deposit towards the vehicle, and then make fixed monthly instalments. These regular payments are made up of the initial cost of the vehicle and the interest applied. Once you reach the end of the agreement, you’ll own the vehicle outright.

As a hire purchase is a secured loan, your vehicle will act as collateral against the cost of the finance borrowed. The benefit of a secured loan is that, because there is less risk to the lender, you’re more likely to be approved even if you have bad credit. The interest rates also tend to be lower than with an unsecured loan. Do keep in mind though that if you’re unable to keep to the agreed payments, the lender may be able to repossess your vehicle.

Personal Contract Purchase (PCP) – A personal contract purchase is similar to HP, with an initial deposit and then monthly repayments. The main difference is that, as you’re paying towards the depreciation of the vehicle rather than the cost of it, once the term comes to an end, you’d need to make a balloon payment to own the vehicle. This is to cover the remaining cost of the vehicle. PCP generally comes with smaller monthly instalments than HP, so can be a great option for someone with a lower budget.

As with a hire purchase, a PCP agreement is classed as a secured loan. Both of these types of finance are therefore a good option for people with a poor credit score. They can also work out cheaper than a personal loan, though this will largely depend on your financial history.

Personal Loan – A personal loan isn’t secured against the vehicle – you’d simply borrow the money and use the funds to buy a vehicle outright. This of course means that you’ll own the vehicle from the start, unlike a HP or PCP.

It’s important to bear in mind that because personal loans are unsecured, the finance provider takes more of a risk in lending to borrowers, as there’s no collateral. This essentially means that the interest rates are often higher, and it can be harder to get a personal loan with a low credit score.

Another thing to remember with personal loans is that you don’t have the option to part exchange your vehicle. Many dealerships, with both HP and PCP, allow you to part exchange your vehicle in order to reduce the price of your new vehicle. The value of your old vehicle is essentially deducted from the cost of the new one.

However, you may be able to get a good deal selling your old vehicle instead, especially if you use companies like Motorway. They can sell your vehicle whether it runs or not, in as little as 24 hours.

Vehicle Finance
What Kind of Vehicle Can I Get Finance For?

With Vehicle Finance Today, you can buy a vehicle from any reputable dealer. So no matter the make and model you’re looking for, from a 4×4 to a convertible, we’ll do our best to help. Popular makes include Audi, BMW, Ford, Hyundai, Jaguar, Mini, Range Rover, Skoda, Toyota, Vauxhall, Volkswagen and Volvo. Generally, it’s a good idea to consider your budget, the mileage, and the emissions.

Am I Eligible For Vehicle Finance? – In terms of eligibility, all credit histories are considered. Our lenders will also consider applications from self-employed individuals, as well as freelancers. To apply for vehicle finance, you’ll simply need to meet the following criteria:

  • Have a full or provisional driving license
  • Be aged 18 or above
  • Be a UK resident
  • Have a regular income

You can check your eligibility for a vehicle loan by completing our short online application too, with no impact to your credit rating.

When it comes to vehicle finance, it’s also good to consider whether it’s the best option for you. If you are unable to make a payment, late payment fees or other charges can be applied, and late payments could also impact your credit file. For full details regarding the terms and conditions of your vehicle loan, you should refer to your loan agreement.

Can You Get Guaranteed Vehicle Finance? – If you have a bad credit history, you may be looking into guaranteed vehicle loans. Unfortunately there is no such thing as guaranteed vehicle finance. But that doesn’t mean there aren’t options available for people with a low credit rating. Even if you’ve been turned down by other vehicle finance providers in the past, perhaps due to a previous County Court Judgement (CCJ) or insolvency, there are lenders who specialise in bad credit vehicle loans who may be able to help.

What are the Best Vehicle Finance Deals in the UK? – If you’re looking for the best vehicle loan rates, this will often depend on your credit rating. You may not realise that people with higher credit scores are generally offered better deals than those with bad credit. But even if you have a less than perfect credit history, there are things you can do to improve your score!

One of the easiest ways to boost your credit rating is to register on the electoral roll, if you haven’t already done so. This helps confirm that your personal details on your credit file are up to date, indicating that other information is also accurate. You may also be able to get an instant credit score boost through Experian, if you sign up with them. Experian demonstrate your ability to make repayments by including subscriptions, like Netflix and Amazon, when calculating your credit score.

Once you’ve improved your credit rating, you can see if vehicle finance companies will offer you lower interest rates!